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DATE: May 26 2012
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Poker.co.uk - Poker News Archive

Sunday 16th December 2007

Betfair trials new starting price betting product on UK horse racing

Leading online betting exchange Betfair is to give its new starting price (SP) product a full launch tomorrow after successfully trialling the service with the yesterday�s card at Southwell. The new SP product produced an average of 26.5% better odds on winners than the official SPs. The company said the worst percentage book returned on any of the races was 102% after Betfair�s 5% commission rate was factored in. Meanwhile, in four of the seven races the SP was below 100%. Tony Calvin, Betfair�s spokesperson, hailed the results of the trial: �We are thrilled with the way the product has performed, and been received and used by our customers. The worst percentage book we have returned is just 102%, and the best 95.7%, so the value to be had at Betfair SP is there for all to see. He added: �In fact, it is the openness and transparency of the product and returns that we are particularly keen to promote. All the information is made available to our customers.� A �10 bet on the seven winners yesterday at Southwell at the Betfair SP would have returned �596, compared with �471 on the official SP. Betfair pointed out that the last winner on the card, Dado Mush, was returned at 28-1 on course, but at 40.18 at Betfair SP. Stephen Burn, Betfair�s director of horse racing added: �It�s early days but already the prices look very competitive compared to the traditional bookies. Burn added that the company was rolling out the SP option of a few meetings today and expects to be covering all UK racing from Friday. Irish racing would be covered �within weeks� and would be looking to cover other sports shortly after.

Source: www.gambling.co.uk

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